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The Saddam Excuse

George Bush speaks and the Fed meets -- both as investors would rather not think about the State of the Market.

It's bad. So bad that 2003 is looking, so far, like a fourth down year in a row for stocks. Of course, there are 11 months to go and much can change. You can, if you try, paint an optimistic scenario. The U.S. invades Iraq and the war is over quickly, for instance. The dollar stabilizes as foreigners start buying U.S. assets again. Relieved companies start investing more, anticipating a pickup in demand. That comes...